Best Methods to Lowering Your BMW 535i Insurance Rates

Having to pay for overpriced auto insurance can drain your savings account, especially in this economy. Comparing price quotes is a smart way to cut your insurance bill. Drivers have multiple insurers to buy insurance from, and though it is a good thing to have a choice, lots of choices makes it harder to compare rates.

Cut your premium with discounts

Auto insurance companies do not advertise every discount very well, so the following is a list of some of the best known and the harder-to-find savings tricks you should be using. If you don’t get every credit available, you are paying more than you should be.

• Multiple Policy Discount – If you have multiple policies with one company you will save approximately 10% to 15%.
• Discounts for Safe Drivers – Drivers who avoid accidents can get discounts for up to 45% lower rates for 535i coverage than drivers with accidents.
• Federal Government Employee – Simply working for the federal government may qualify you for a discount for 535i coverage with certain companies.
• Sign Online – Certain companies give back up to $50 for buying your policy over the internet.
• Accident Free – Good drivers with no accidents pay less as compared to bad drivers.

Consumers should know that most discounts do not apply to the entire cost. The majority will only reduce the cost of specific coverages such as medical payments or collision. So when the math indicates having all the discounts means you get insurance for free, auto insurance companies aren’t that generous.

To choose insurance companies offering auto insurance discounts, follow this link.

Impacting insurance rates for a BMW 535i

It’s important that you understand the different types of things that help determine the price you pay for auto insurance. Having a good understanding of what impacts premium levels enables informed choices that will entitle you to big savings.

• Protect yourself with liability coverage – Liability insurance is the coverage that protects you if ever you are found liable for damages from an accident. It will provide legal defense coverage which can cost thousands of dollars. This coverage is very inexpensive compared to physical damage coverage, so drivers should carry high limits.
• More than one policy can earn a discount – Many insurers will award you with lower prices to people who consolidate policies with them. It’s known as a multi-policy discount. This can amount to five, ten or even twenty percent. Even though this discount sounds good, it’s in your best interest to compare rates to ensure the best deal.
• Your credit rating is important – A driver’s credit score is a large factor in calculating your auto insurance rates. Drivers who have excellent credit tend to be better drivers and file fewer claims than drivers with lower credit ratings. So if your credit score is low, you could pay less to insure your BMW 535i by spending a little time repairing your credit.
• Safer cars cost less to insure – Safer cars tend to have better insurance rates. The safest vehicles result in less severe injuries and any reduction in injury severity means lower claim amounts and thus lower rates. If the BMW 535i scored better than an “acceptable” rating on the Insurance Institute for Highway Safety website or four stars on the National Highway Traffic Safety Administration website it may be receiving lower rates.
• Increase deductibles and save – Physical damage coverage, otherwise known as comp (or other than collision) and collision, protects your BMW from damage. Some instances where coverage would apply are running into the backend of another car, damage from fire, and windstorm damage. Physical damage deductibles are the amount of money you are required to spend in the event of a claim. The higher the amount you are required to pay out-of-pocket, the less your auto insurance will be for 535i coverage.

You may need specialized coverage

When it comes to buying the right insurance coverage for your personal vehicles, there isn’t really a best way to insure your cars. Your needs are not the same as everyone else’s so this has to be addressed. For example, these questions can help discover if you will benefit from professional help.

• Am I covered when using my vehicle for business?
• Do I have coverage when making deliveries for my home business?
• Do I have coverage when using my vehicle for my home business?
• Are all vehicle passengers covered by medical payments coverage?
• Does my insurance cover my expensive audio equipment?
• Am I covered when driving someone else’s vehicle?
• Does coverage extend to a rental car in a foreign country?

If you don’t know the answers to these questions but you think they might apply to your situation, you may need to chat with a licensed insurance agent. If you want to speak to an agent in your area, fill out this quick form or you can go here for a list of companies in your area. It is quick, free and may give you better protection.

Quote online but still have a local agent

Certain consumers would rather talk to a local agent and that is just fine! Educated insurance agents can help determine the best coverages and help file insurance claims. One of the great benefits of getting online price quotes is you may find lower rates and still choose a local agent.

To make it easy to find an agent, after completing this simple form, your insurance data is immediately sent to local insurance agents who will give you bids to get your business. You won’t need to leave your computer since price quotes are sent directly to your email. How cool is that?!

Picking an insurance company requires more thought than just the price. Ask your prospective agent these questions:

• If you have an accident, are you able to get your vehicle repaired at the shop of your choice?
• Does the agency have a good rating with the Better Business Bureau?
• What insurance companies do they recommend if they are an independent agent?
• Do they regularly work with personal auto policies?
• Can they give you a list of client referrals?
• Can glass repairs be made at your home?

Do you need an independent or captive insurance agency?

When looking for a reliable agent, there are a couple of types of agencies that you can select. Insurance agencies can either be captive or independent (non-captive). Both write coverage properly, but it’s worth mentioning how they differ because it can impact your agent selection.

Captive Insurance Agents

Captive agencies write business for a single company and some examples include State Farm, AAA, Farmers Insurance or Allstate. These agents are unable to place coverage with different providers so they have to upsell other benefits. Captive agents are well schooled on their products and sales techniques which can be an advantage.

Independent Insurance Agents

Independent agencies do not work for one specific company but instead can place your coverage with lots of companies enabling the ability to shop coverage around. If your agent finds better pricing, an independent agent can move your coverage and you won’t have to switch agencies. When comparison shopping, it’s recommended you contact multiple independent agents to ensure the widest selection of prices.

For a complete listing of agencies, click here.

After getting positive responses for all questions you ask and locked in a price quote, you have narrowed it down to an auto insurance agent that is a good match to adequately provide auto insurance.

The auto insurance bait and switch

Drivers can’t get away from ads for the lowest price auto insurance by State Farm, GEICO and Progressive. They all have a common claim that you can save if you move to their company.

How can each company say the same thing?

Different companies have a certain “appetite” for the type of driver they prefer to insure. A good example of a preferred risk might be profiled as between the ages of 30 and 50, owns a home, and has a short commute. A customer who meets those qualifications will get very good rates and as a result will probably pay quite a bit less when switching companies.

Potential insureds who are not a match for the requirements will be quoted a more expensive rate and ends up with the driver buying from a lower-cost company. Company advertisements say “drivers who switch” but not “drivers who get quotes” save that much. That’s why companies can truthfully make those claims. This emphasizes why you absolutely need to quote coverage with many companies. You cannot predict which insurance companies will provide you with the cheapest rates.

A little work can save a LOT of money

Low-cost BMW 535i insurance can be purchased from both online companies as well as from independent agents, so you should compare both to get a complete price analysis. A few companies don’t offer online price quotes and these small, regional companies work with independent agents.

We covered a lot of information how to save on BMW 535i insurance. The key concept to understand is the more times you quote, the better your comparison will be. Drivers may discover the lowest rates come from the smaller companies. They may only write in your state and offer lower rates compared to the large companies like GEICO and State Farm.